2023-2029 is the forecast period in the market report.
Coagulation is the series of events that result in the formation of a clot. In the body, coagulation occurs after any injury to a blood vessel or tissue, in order to stop bleeding. It involves the interaction of cells lining the injured blood vessel (endothelial cells), specialized blood cells called platelets that form a plug in the region of the damaged blood vessel, and circulating coagulation factors. Coagulation testing procedure is essential for evaluating bleeding patients, including patients scheduled for surgery or during postsurgical care. Coagulation tests measure your blood’s ability to clot, and how long it takes to clot. An increase in geriatric population, along with rise in the prevalence of cardiovascular and blood disorders are key factors which are expected to drive the demand for coagulation testing. Furthermore, the research and development activities and rise in the awareness about blood disorders are anticipated to provide lucrative growth opportunities for key players operating in the market.
The growth of the market is driven by an increase in geriatric population along with rise in the prevalence of cardiovascular and blood disorders around the region. According to the U.S. Census Bureau, more than 56 million adults ages 65 and older live in the United States, accounting for about 16.9% of the nation's population. By 2030, when the last of the baby boomer generation ages into older adulthood, it is projected that there will be more than 73.1 million older adults. An increase in geriatric population has led to a rise in incidence of several chronic diseases like cardiovascular and blood disorders. According to reports from the American Cancer Society (CLL), in the United States, there were approximately 21,250 new instances of chronic lymphocytic leukaemia in 2021. According to the Centers for Disease Control and Prevention (CDC), every year, 805,000 Americans have a heart attack, 605,000 of them for the first time. Thus, rise in cardiovascular and blood disorders is a major factor which is anticipated to drive the growth of the market.
The implementation of key initiatives to promote awareness regarding blood disorders are expected to contribute to the growth of the market. Also, several governments across various countries are focusing on awareness about blood disorders. This is expected to further fuel the market growth over the estimated time period.
The high cost involved with fully automated haemostasis equipment, and risk of side-effects associated with blood testing are expected to have a negative impact on the growth of the market.
The lack of awareness about innovative and advanced applications of coagulation testing devices is expected to be a key economic challenge. Furthermore, the COVID-19 pandemic has emerged as a major challenge for the growth of the market.
The report provides an in-depth analysis of the North America Coagulation Testing market including, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. An increase in prevalence of blood diseases has led to rise in demand for coagulation testing, and therefore, the market is expected to witness growth at a specific CAGR from 2023-2029.
North America Coagulation Testing market comprises of different market segments like product, technology, application, end-user and country.
On the basis of product, the North America Coagulation Testing market consists of key segments like
The consumables segment is expected to gain the major market share over the forecast period. The growth of the segment can be attributed to high demand for different types of consumables in diagnostic testing.
Also, the instruments segment is expected to witness high growth over the forecast period. High investment in diagnostic testing by the public as well as private organizations is a key factor driving the growth of the segment.
By technology, the North America Coagulation Testing market includes segments like
The mechanical followed by optical technology segment is expected to lead the market over the forecast period. The high level of accuracy offered by the mechanical technology is a key factor driving the growth of the segment. The optical and mechanical detection methods are equivalent in terms of correlation, accuracy, and precision for coagulation testing, and that both methods are unaffected by sample turbidity.
The North America Coagulation Testing market finds key applications in
The prothrombin time segment is expected to dominate the market over the forecast period. Prothrombin time measures the time it takes plasma to clot when exposed to tissue factor and reflects the ‘extrinsic’ and ‘common’ pathways of coagulation. It is crucial in case of bleeding, liver synthetic function, DIC, warfarin treatment etc.
The activated clotting time segment is expected to witness high growth over the forecast period. The activated clotting time measures the time it takes whole blood (rather than plasma) to clot when exposed to an activator of the intrinsic pathway - and assesses both the ‘intrinsic’ and ‘common’ pathways of coagulation.
The North America Coagulation Testing market finds major end-users like
The hospitals and clinics segment is expected to lead the market during the forecast period. An increasing demand for coagulation testing in hospitals and clinics due to rise in prevalence of blood disorders is a major factor which is expected to drive the growth of the segment.
The diagnostic laboratories segment is expected to witness high growth over the estimated time period. An increasing demand for advanced diagnostic testing services is a major factor driving the growth of the segment.
The North America Coagulation Testing market is studied for the following countries:
The United States is expected to dominate the market over the forecast period. The rise in prevalence of cardiovascular blood disorders are key factors driving the growth of the market in the country. According to American Heart Association, cardiovascular disease (CVD) accounted for 874,613 deaths in the United States in 2019.
Canada is expected to witness high growth over the forecast period. The rise in prevalence of cardiovascular disorders along with the implementation of key strategic initiatives are anticipated to positively contribute to the growth of the market. For instance, per the report published by the Heart and Stroke Foundation of Canada in February 2022, there are 750,000 patients diagnosed with heart failure and this is increasing every year.
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors with regard to the North America Coagulation Testing market. The report involves an exclusive study on COVID-19 impact analysis. In addition, the report also includes a complete analysis of changes in the North America Coagulation Testing market, expenditure, and economic and international policies on the supply and demand side. The report also studies the impact of pandemics on North America economies, international trade, business investments, GDP, and the marketing strategies of key players present in the market.
The outbreak of the COVID-19 virus has become a global healthcare emergency where the impact of COVID-19 has significantly affected the health, economy, and society. It has changed the global economic situation. The pandemic has affected severely vulnerable groups, including older people with disabilities, ethnic minorities and those living in deprived areas. Although respiratory compromise is the cardinal feature of the disease, early studies have suggested that elevated circulating D-dimer levels are associated with mortality, suggesting a distinct coagulation disorder associated with COVID-19. In addition, according to a February 2022 update by the National Institutes of Health, the panel advises testing hospitalized COVID-19 patients for thromboembolic disease if they experience a sudden localized loss of peripheral perfusion or a quick decline in pulmonary, cardiac, or neurological function. This is expected to drive the demand for coagulation testing in the upcoming years.
The competitive landscape analysis of the Coagulation Testing market is primarily focused on expanding the growth of coagulation testing industry in North America with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in coagulation testing sector has led to the growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the requirements of consumers, which is further contributing to healthy growth in the market.
The key players studied in the market are
May 2022: Precision BioLogic Inc., a developer of hemostasis diagnostic products, is had announced the launch of its new CRYOcheck Chromogenic Factor IX assay in Canada, the European Union, Australia, and New Zealand following market authorization by Health Canada and respective in-country regulatory authorities.
February 2021: Siemens Healthineers and Sysmex Corporation reported the renewal of the companies' long-standing global supply, distributorship, sales and service agreement for a broad portfolio of hemostasis products including a multi-year extension. Additionally, the companies’ agreement includes the future distribution of Sysmex's CN-Series automated blood coagulation analyzers, the CN-3000 and CN-6000, by Siemens Healthineers bringing the next generation of fully automated solutions for mid-and high-volume coagulation testing to laboratories.
The North America Coagulation Testing market include segments like product, technology, application, end-user and geography. By product, the market includes segments like instruments and consumables. The consumables segment is expected to gain the major market share over the forecast period. By technology, the Coagulation Testing market includes segments like mechanical technology, optical technology, electrochemical technology and others. The mechanical technology segment is expected to lead the market over the forecast period. By application, the Coagulation Testing market includes segments like thrombin time, prothrombin time, activated clotting time, partial thromboplastin time, activated partial thromboplastin time and others. The prothrombin time segment is expected to witness highest growth over the forecast period. The market includes major end-users like hospitals and clinics, diagnostic laboratories and others. The hospitals and clinics, segment is expected to lead the market during the forecast period. The North America Coagulation Testing Market is studied across various countries: United States, Canada, and Mexico. The United States is expected to dominate the market over the forecast period.
Market
Sizing for Year: | 2019-2029 |
Base
Year: | 2022 |
Forecast
Period: | 2023-2029 |
Value: | USD Million |
Market
Segment studied: | Product Technology Application End-user |
Market
Players and its Competitors: | Thermo Fisher Scientific Abbott Laboratories F. Hoffmann-La Roche Ltd. Medtronic plc Siemens Sysmex Corporation Helena Laboratories Micropoint Biosciences Nihon Kohden Corporation Diagnostica Sago Sas CoaguSense SenGenix iLine Microsystems Bio/Data Corporation
SEKISUI
MEDICAL CO., LTD |
FREQUENTLY ASKED QUESTIONS
What would be forecast period in the market report?
2023-2029 is the forecast period in the market report.
Which is the leading application segment for the North America Coagulation Testing market?
Prothrombin time segment is anticipated to dominate the market during the forecast period.
Which region is gaining the majority of market share during the forecast period (2023-2029)?
United States is expected to gain a major share of the market during the forecast period (2023-2029).